Atlantic City is no longer just a gaming resort town as many neighboring states such as Pennsylvania and Delaware have now started opening their own casinos and this has seen the closing of some resorts and the bringing in of new businesses to the city. That’s why Boraie Development is also moving into the city to build a 250-unit apartment property to house Atlantic City workers and various other business-based clients, and it’s known as the Beach at South Inlet. Wasseem Boraie, the Vice President of Boraie Development says he hopes this will address a noticeable void in the current housing market in Atlantic City, and he says the propert’s proximity to the boardwalk and ocean as well as public transportation also could be attractive to prospective residents.
According to NY Times, Omar Boraie founded Boraie Development back in the 1970s after moving to New Brunswick, NJ from Egypt. He did not have a background in real estate development, but he felt led to do it because New Brunswick was lacking in commercial properties and needed many new buildings in the downtown, and he believed if he didn’t do it nobody else would. He began buying up the properties and by 1988 had the first big office development finished at Albany Street. The Albany Street Plaza completed its second office and retail space development in 2003, and not too long after that they also completed a 60,000 square foot office space building on George Street and the CITYPLEX 12 area in Newark. Check out Central Jersey Working Moms to see more.
The Boraie Development residential project portfolio took off around 2006 when the 25-story condominium at Spring Street was completed, one of the first of its kind high-rises to be completed in New Brunswick. When this property sold out quick, Omar Boraie decided to invest in another similar property at One Rector Street in Newark, and once again it proved successful. The high-rise style property continued with the completion of The Aspire, but the condo and townhouse properties have also been successful with the current Atlantic City project as well as plans for the Milltown Ford Avenue Redevelopment that Boraie Development has laid out. Omar Boraie says he’s had several factors that have led to his success which are believing in the New Brunswick community and just not being swayed by negative opinions even when given by experts. But he also pointed to Johnson & Johnson as the real reason for his success because he admits he probably would not have decided to invest in the downtown had they not remained there.